Financial Aid Information

FINANCIAL AID PROGRAMS

To be considered for the Federal and State Financial Aid Programs listed below, you must meet the following eligibility requirements, in addition to the requirements stated in the previous above section:

Must be a U.S. Citizen or Permanent Resident

Must not be in default on a prior education loan or owe a repayment on a federal grant

Must be registered with Selective Service if you are required to register (for male students only)

Assumption College encourages everyone to fill out the Free Application for Federal Student Aid (FAFSA) on an annual basis. Information from the FAFSA is used by the College to determine your eligibility for financial aid.

Complete the FAFSA online at www.fafsa.gov. The form is available beginning October 1.

Students need to create an FSA ID prior to filling out the application. The instructions on how to do this can be found at How to create a FSA ID.

Assumption’s School Code of 002118 so your FAFSA information is sent to us

FEDERAL PELL GRANT The Federal Pell Grant is an award for undergraduate students who qualify on the basis of financial need. Individuals who have been notified upon completion of the FAFSA that they are eligible for a Pell Grant may use that grant to take courses through the Center provided that they have been accepted into an eligible program leading to a degree or certificate.

FEDERAL DIRECT STAFFORD LOANS Assumption College participates in the William D. Ford Direct Loan Program for all Stafford loans. For the 2015-2016 academic year the Subsidized and Unsubsidized Stafford Loans interest rate is 4.29% with an Origination Fee 1.076% to be deducted from disbursement

The current interest rates for these loans can be found at: https://studentaid.ed.gov/sa/types/loans/interest-rates

You may review the aggregate loan limits at: https://studentaid.ed.gov/sa/sites/default/files/your-federal-student-loans.pdf

To apply for and receive a Federal student loan:

For the 2016-2017 academic school year, the maximum amounts a student may borrow are:

YEAR

Dependent Undergraduate Student

Independent Undergraduate Student

First Year

(0-24 credits earned)

$5,500—No more than $3,500 of this amount may be in subsidized loans.

$9,500—No more than $3,500 of this amount may be in subsidized loans.

Second Year

(25-53 credits earned)

$6,500—No more than $4,500 of this amount may be in subsidized loans.

$10,500—No more than $4,500 of this amount may be in subsidized loans.

Third and Beyond (more than 54 credits earned)

$7,500—No more than $5,500 of this amount may be in subsidized loans.

$12,500—No more than $5,500 of this amount may be in subsidized loans.

Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)

$31,000—No more than $23,000 of this amount may be in subsidized loans.

$57,500—No more than $23,000 of this amount may be in subsidized loans.

* The subsidized amounts listed above are awarded based on financial need. If the student does not have financial need, this amount will be replaced with an unsubsidized loan.

*Borrowing under this program prior to your attendance at Assumption College is considered when determining if the aggregate loan borrowing limits are calculated. Review your financial aid and borrowing history at www.nslds.ed.gov

*Interest rates are subject to change without notice in accordance with changes implemented by the federal government. To review current interest rates you may follow this link: https://studentaid.ed.gov/sa/types/loans/interest-rates

ALL Undergraduate student Stafford loan borrowers must complete the following two steps to secure their Direct Stafford Loan funds:

Sign in using your social security number, first two letters of your last name, date of birth, and your FSA ID Username and Password.

For Direct Loan Entrance Counseling, select from the main menu “Complete Entrance Counseling.”

Check Complete Counseling to receive Direct Loans as an undergraduate student Follow the instructions for the online tutorial and submit after completed.

For Direct Loan Master Promissory Note, return to the main menu and select “Complete Master Promissory Note” and choose “Subsidized/Unsubsidized.”

Follow the instructions and submit after completed.

Make sure to provide complete address information for two references residing at separate addresses.

Click “Log Out” on the top right corner after all information has been successfully submitted. You may print copies for your own records. We will receive this information electronically.

MASSACHUSETTS PART-TIME STUDENT GRANT PROGRAM The Massachusetts Part-Time Student Grant Program is available to eligible students who meet the criteria. Funds are limited.

VETERANS BENEFITSVeterans and dependents of Veterans who are eligible for benefits and are matriculated in a degree or certificate program must pay tuition and fees for courses taken at the Continuing & Career Education (in accordance with Chapter 457, Acts of 1976). You may contact the Veterans Administration (VA) to review your benefit eligibility at 1-800-827-1000. Assumption College’s VA Certifying Official is Mary Malone. Mary can be reached in the Registrar’s Office at 508-767-7408, fax 508-767-7489.

CONTINUING EDUCATION SCHOLARSHIP Through donations from Continuing Education alumni/ae and W.I.S.E., scholarship money is available to matriculated Continuing Education students. Awards are based on financial need (financial information is required) and applicants must also submit a 500-word personal statement. Download 2016 Scholarship Application:PDF

EMPLOYER REIMBURSEMENT Many companies offer some form of tuition reimbursement as a benefit to their employees. Contact the benefits office at your company for information and to make arrangements with your employer prior to registration. Deferred tuition payment is possible for employees of approved companies, along with the use of the Assumption College promissory note. Please contact the CCE Office at 508-767-7364 with any questions on employer reimbursement.

EXTENDED PAYMENT PLAN Continuing Education students may arrange to pay educational expenses through regularly scheduled payments with Tuition Payment Plan. Application deadlines are August 1st for the fall semester and December 1st for the spring semester. This low-cost, flexible payment system is not a loan program and there are no interest or finance charges. Applications are available from the Finance Office or call 508-767-7471 for more information.

ALTERNATIVE STUDENT LOANSFor those students enrolled in Certificate or Non-Credit Programs, less than half time, or for those whose financial aid doesn’t cover their entire cost, there are Alternative Student Loans available. Assumption College encourages you to fully research the loans and lenders that best fit your needs. Private loans are available to help cover the remaining balance after financial aid. All private loans are subject to credit approval, a completed promissory note and must be submitted for certification to the Financial Aid Office. The certified loan will then be reflected as a secure loan to be applied towards your student account.

ELMSelectwww.elmselect.comprovides a truly neutral lender and product comparison tool. It allows students to evaluate, compare and select a lender that best fits their financial needs. You can review all lenders on one page, narrow the list of lenders and compare them side-by-side. You can begin the loan application process from ELMSelect by choosing ‘Apply Now’ for the selected lender. For detailed information about these loans, including borrower benefits and services, log ontowww.elmselect.com

PRIVATE SCHOLARSHIPSVisit yourlocal public library! Librarians are great sources of information, and many libraries have financial aid information available.

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